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Dec 28, 2012
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a dramatic cliff-hanger today between washington and wall street about the fiscal cliff. stocks initially sold off after senate majority leader harry reid predicted the economy would go over the cliff. speaking from the senate floor he said there's not enough time between now and the end of the year to reach a deal. but stocks erased their losses ithe final hour of trading on news that the house of representatives will reconvene on sunday night to resume talks. by the closing bell, the dow was down only 18 points, bouncing back from a triple digit loss, the nasdaq lost four, and the s&p slipped almost two points. so what happens next? and can lawmakers prevent an economic crisis by agreeing on a fiscal cliff deal? darren gersh reports. >> reporter: here is a measure of how bad things are now in washington. markets rallied on news the house will come back to work on sunday, even though there is no solution ready for lawmakers when they return. and in the senate, which is back at work, republican leader mitch mcconnell warned he would not write a blank check to the white ho
a dramatic cliff-hanger today between washington and wall street about the fiscal cliff. stocks initially sold off after senate majority leader harry reid predicted the economy would go over the cliff. speaking from the senate floor he said there's not enough time between now and the end of the year to reach a deal. but stocks erased their losses ithe final hour of trading on news that the house of representatives will reconvene on sunday night to resume talks. by the closing bell, the dow was...
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Dec 25, 2012
12/12
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darren gersh, nbr, washington. >> susie: going over the fiscal cliff will not only have an impact on the national level, it will also hit states and eventually cities. if lawmakers fail to reach a deal before january 1, the cliff's across the board spending cuts and tax increases will impact how much money states get from the federal government. ruben ramirez reports from washington. >> reporter: we all know the numbers. failing to reach a deal by january 1 will result in $109 billion in automatic cuts to federal spending. and while that's a big number, what matters most to states and municipalities is the small print, detailing just where those cuts will happen. and standard & poors' gabe pettek says those details could still be months away. >> even if the policymakers in washington, d.c., resolve the immediate issue before january 1 or shortly thereafter, we think there are going to be several details related to the administration of tax policy and the way the federal government spends money that will have an important effect on state budgets. >> reporter: the pew center on the sta
darren gersh, nbr, washington. >> susie: going over the fiscal cliff will not only have an impact on the national level, it will also hit states and eventually cities. if lawmakers fail to reach a deal before january 1, the cliff's across the board spending cuts and tax increases will impact how much money states get from the federal government. ruben ramirez reports from washington. >> reporter: we all know the numbers. failing to reach a deal by january 1 will result in $109...
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Dec 6, 2012
12/12
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cliff deal in washington. the dow jones industrial average gained more than 82 points to close at 13,034. but the nasdaq fell nearly 23 points to close at 2,973. the day's big loser was apple, down more than 6% over concerns that smart phone sales are lagging. former texas congressman jack brooks has died. he served 42 years in the house, and was in the dallas motorcade on november 22nd, 1963 when president kennedy was assassinated. hours later, brooks was on hand as vice president and fellow texan lyndon johnson was sworn in to the presidency. later, brooks helped author the 1964 civil rights act, and he drafted the articles of impeachment against president nixon. jack brooks was 89 years old. those are some of the day's major stories. now, back to gwen. >> ifill: lawmakers stepped up the rhetoric, but grew no closer today to agreement on how to avoid slipping over the so- called fiscal cliff. but each side demanded the other compromise. "newshour" congressional correspondent kwame holman begins our coverage.
cliff deal in washington. the dow jones industrial average gained more than 82 points to close at 13,034. but the nasdaq fell nearly 23 points to close at 2,973. the day's big loser was apple, down more than 6% over concerns that smart phone sales are lagging. former texas congressman jack brooks has died. he served 42 years in the house, and was in the dallas motorcade on november 22nd, 1963 when president kennedy was assassinated. hours later, brooks was on hand as vice president and fellow...
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Nov 7, 2012
11/12
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so, david, what's the first thing the next president has to do to solve the fiscal cliff problem? >> well, first, who ever wins tonight should call the congress to come back to washington d.c. and work full-time, that means at least monday through friday, taking off only national holidays, until they reach a deal in the fiscal cliff. in other words, no deal, no break. and while we have to avoid the fiscal cliff, we need to achieve a grand bargain next year so we can avoid the fiscal abyss. so the president should also congress on congress to work monday through friday every week, except for federal holidays, next year, until we have a grand bargain. it time these people started working full-time and generating results. >> susie: well, that sounds like a good way to tackle this huge problem. but what are the chances that congressional lawmakers can agree at the end of the day on some kind of solution? >> well, susie, i think we have to be realist iic, you're not going to get a so-called grand bargain in a lame duck session. there's a reason it's called lame duck. but i think what w
so, david, what's the first thing the next president has to do to solve the fiscal cliff problem? >> well, first, who ever wins tonight should call the congress to come back to washington d.c. and work full-time, that means at least monday through friday, taking off only national holidays, until they reach a deal in the fiscal cliff. in other words, no deal, no break. and while we have to avoid the fiscal cliff, we need to achieve a grand bargain next year so we can avoid the fiscal...
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Nov 21, 2012
11/12
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he urged lawmakers and the white house to reach a quick deal to avoid the fiscal cliff, saying it might mean next year could be "a very good one for the economy." ben bernanke didn't endorse any specific tax or spending policies to solve the fiscal cliff, but he urged lawmakers to think creatively. he said an agreement on ways to reduce long-term federal budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that, worries about a deal were already causing trouble. > uncertainty about how the fiscal cliff, the raising of the debt limit, and the longer-term budget situation will be addressed appears already to be affecting private spending and investment decisions, and may be contributing to an increased sense of caution in financial markets. >> susie: wall street and business leaders were pleased that bernanke was talking tough. and they said the fed's role in the fiscal cliff negotiations is to communicate. >> tell the world and the individuals in the political establishment that they have to help get their act toget
he urged lawmakers and the white house to reach a quick deal to avoid the fiscal cliff, saying it might mean next year could be "a very good one for the economy." ben bernanke didn't endorse any specific tax or spending policies to solve the fiscal cliff, but he urged lawmakers to think creatively. he said an agreement on ways to reduce long-term federal budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that,...
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Oct 22, 2012
10/12
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also mentioned the looming fiscal cliff and, something that's attracting attention among investors. >> c.e.o.s of these major corporations are getting ready to carpet bag on washington because they're disgusted with the lack, with the gridlock, the lack of clarity, with confusion over taxes and althcare and regulation and so they want an answer. >> reporter: and, then of course, there's the election. while it's tough to say what either candidate will mean for stocks, strategist david bianco describes his market outlook this year as "election dependent." >> if it's an election that brings visibility to the tax policies we're looking for, a continuation of low and equal dividend capital gains rates, then we're comfortable with 1,500 on the s&p for yearend. if not, 1,450 for yearend and 1,500 12-month target is likely to stay unchanged for longer. >> reporter: clarity has become the big word lately for stock investors. until there is greater clarity on the election, the fiscal cliff and the u.s. economy, market pros predict stocks prices will remain relatively stuck. suzanne pratt, "n.b.
also mentioned the looming fiscal cliff and, something that's attracting attention among investors. >> c.e.o.s of these major corporations are getting ready to carpet bag on washington because they're disgusted with the lack, with the gridlock, the lack of clarity, with confusion over taxes and althcare and regulation and so they want an answer. >> reporter: and, then of course, there's the election. while it's tough to say what either candidate will mean for stocks, strategist...
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Aug 24, 2012
08/12
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. >> susie: tonight, we conclude >> susie: tonight, we conclude our weeklong look at the fiscal cliff on a hopeful note. there are some analysts and washington insiders who think next year will bring a great deal of progress on debt and deficits. darren gersh takes a look at just how big that agreement might be. >> reporter: on wall street, they say the best time to buy is when the brokers are crying in their beer, when everyone else has given up hope, when all looks lost. that's how many feel about our nation's debt and deficits. that's also why analysts like andy laperriere think 2013 will be the year congress faces up to our fiscal mess. >> when you start adding these things up-- the debt ceiling has to be increased, the sequester has to be dealt with. the bush tax cuts have to be dealt with. i don't think you can pass a package that deals with all those things without reducing the deficit. >> reporter: what might that deficit reduction package look like? it will raise taxes. if president obama is reelected, over the next ten years, look for roughly $800 billion in higher taxes fro
. >> susie: tonight, we conclude >> susie: tonight, we conclude our weeklong look at the fiscal cliff on a hopeful note. there are some analysts and washington insiders who think next year will bring a great deal of progress on debt and deficits. darren gersh takes a look at just how big that agreement might be. >> reporter: on wall street, they say the best time to buy is when the brokers are crying in their beer, when everyone else has given up hope, when all looks lost....
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Nov 6, 2012
11/12
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sohe theres whe conversation going on in washington among democrats saying let's let the fiscal cliff happen. then the tax cuts are -- expire, then the republicans don't have to vote to raise taxes, they vote to cut taxes for everybody who -- under $250,000. >> rose: does that have legs? >> it has some legs but it's not the most responsible thing. >> if you ask people in the obama administration, all leading figure what is's going to happen it will remind you of the old joke that says there are only two people who understand how international economics work and ty sagr. there's no consensus about how this will go forward lame duck, kick a can down the road, grand bargain in january, grand bargain in the spring. i don't think there's any clear sense. what i do know is you can't do any of the individual elements of the grand bargain let alone the whole thing without a really strong president under normal circumstances tax reform takes a colossus of a president. neither of these guys is going to be a colossus. so it will be up to president obama if he wins or governor romney if he wins t
sohe theres whe conversation going on in washington among democrats saying let's let the fiscal cliff happen. then the tax cuts are -- expire, then the republicans don't have to vote to raise taxes, they vote to cut taxes for everybody who -- under $250,000. >> rose: does that have legs? >> it has some legs but it's not the most responsible thing. >> if you ask people in the obama administration, all leading figure what is's going to happen it will remind you of the old joke...
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Nov 9, 2012
11/12
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about avoiding the fiscal cliff of tax hikes and huge spending cuts at year's end. president obama planned a statement on the economy at the white house tomorrow. and storm-weary residents of new york and new jersey went back to cleaning up, after surviving a nor'easter, in the wake of hurricane "sandy." and our science thursday story online is about storm warnings. ha sreivas expins. >> sreenivasan: take a hurricane, add a high pressure system and a cold front, tack on a full moon, and what do you get? a real forecasting challenge. meet the scientists and the supercomputer charged with predicting the course and strength of storms like sandy. and we get two takes on europe's debt crisis and one of its central figures-- the president of the european central bank. find that on our making sense page. all that and more is on our web site newshour.pbs.org. jeff? >> brown: and that's the "newshour" for tonight. i'm jeffrey brown. >> woodruff: and i'm judy woodruff. we'll see you online and again here tomorrow evening with mark shields and david brooks, among others. thank
about avoiding the fiscal cliff of tax hikes and huge spending cuts at year's end. president obama planned a statement on the economy at the white house tomorrow. and storm-weary residents of new york and new jersey went back to cleaning up, after surviving a nor'easter, in the wake of hurricane "sandy." and our science thursday story online is about storm warnings. ha sreivas expins. >> sreenivasan: take a hurricane, add a high pressure system and a cold front, tack on a full...
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Nov 8, 2012
11/12
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and wall street plunged over worries that washington won't be able to avoid the fiscal cliff of tax hikes and spending cuts at year's end. the dow industrials lost more than 300 points. it turns out the presidential oddsmakers were right, just as our economics correspondent reported. hari sreenivasan has the details. >> sreenivasan: on making sense, paul solman reports on the presidential prediction markets and how close they actually came to calling the results. and take a closer look at the all that and more is on our website newshour.pbs.org. judy? >> woodruff: and that's the "newshour" for tonight. on thursday, we'll look at the coming power shift for china's leadership. i'm judy woodruff. >> ifill: and i'm gwen ifill. we'll see you online and again here tomorrow evening. thank you and good night. major funding for the pbs newshour has been provided by: and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. captioning
and wall street plunged over worries that washington won't be able to avoid the fiscal cliff of tax hikes and spending cuts at year's end. the dow industrials lost more than 300 points. it turns out the presidential oddsmakers were right, just as our economics correspondent reported. hari sreenivasan has the details. >> sreenivasan: on making sense, paul solman reports on the presidential prediction markets and how close they actually came to calling the results. and take a closer look at...
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Nov 14, 2012
11/12
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that sort of damocles, that fiscal cliff and also the sequester enforcement mechanisms which will cut spending immediately, members do not want that to happen. thas levege too >> woodruff: we already hear some republicans changing their tune. speaker boehner is talking about closing loopholes. other republicans are saying maybe like they're prepared to look at revenue. what are... are there concrete examples there that have the makings of some kind of deal down the road? >> very little is concrete at this point. but the movement from saying we don't want government to grow at all. the answer to this fiscal crisis is not to grow government to the position that you're hearing from leadership now which is, yes, we can have revenue. that's part of a broader deal that we're going to make. that's a bstaial shift. that's not the same thing as the fight over tax rates, income tax rates. the president has said i will sign no deal that doesn't bring the income tax rates for the top earners back up to 96.5%. that's a slightly... there's a new nuance there that gives politicians wiggle room over
that sort of damocles, that fiscal cliff and also the sequester enforcement mechanisms which will cut spending immediately, members do not want that to happen. thas levege too >> woodruff: we already hear some republicans changing their tune. speaker boehner is talking about closing loopholes. other republicans are saying maybe like they're prepared to look at revenue. what are... are there concrete examples there that have the makings of some kind of deal down the road? >> very...